Following the collapse of the FTX exchange many industry players agree in advance mechanisms to avoid similar events.
The collapse of theexchange FTX became to put on the table the need for a regulation of the industry, cryptoand although many industry players are opposed to the fear that limits the development potential, the majority agrees in advance in mechanisms of protection of the users and receipts of assets verifiable to avoid similar events.
It is estimated thatabout US$ 8,000 million deposited in the second largest exchange of the world were trapped due to the lack of liquidity of the company to return it, to catastrophic scenario for the trust of an industry that, despite the fall in price, it was growing steadily.
Currently, theEuropean Unionis close to enact a law that obliges a single record of all the exchanges operating in their jurisdiction, as well as stis users, while in the United States is advancing a bill to regulate the stable currencies (stablecoins), among other points.
The characteristics disruptive, constant innovation and operation without borders make the crypto industry to branch difficult to regulate, given the ease of any company to settle in a country with permissions that are too lax of operation and, from there, to offer services to all over the world.
However, the repeated episodes of scams or precipitous collapse of promising projects with billions of dollars of investment show the need to establish minimum bases for the users to be careful and, in the future, continue to opt for it.
That's whereit crosses the debate between actors in the sector, born out as an alternative to the traditional financial system after the 2008 crisis, in which banks had to be rescued before unscrupulous decisions with money of their depositors, but in today face similar situations.
"Some years ago that countries began to work on the protection of money laundering, regulatory compliance, and to know what are customers to prevent use negative system; we are seeing a consensus among actors in the industry, both exchanges as users and regulators, there are basic questions that work," I told Telamjulian columbo, CEO of Bitso in Argentina.
In that sense, Colombo said that the transparency of the deposits is a key, and that, therefore, your company will guarantee sti users that "100 percent of the funds are liquid and guarded, and funds are not yours going around the system".
"We're going to see in Argentina and in the countries of the region in the next few months is going to accelerate progress on this; especially, certain things related to the traceability of operations to see how to recover funds stolen by fraud or stolen ,"I have added.
For his part,Julian Serrano, CEO and founder of Gravel, said that "it is necessary that the governments interest in the technology", as "the worst and most dangerous is a regulation without understanding, while we may agree or not with the goals behind".
I have also reinforced the need to "move forward in reserve testing, to demonstrate that we have complete custody of the money of our users", but that lack of transparency is not exclusive to the question of the funds and that there are other obstacles in the middle.
"Something-industrial complex is that there are companies that have local operation and take out licenses in each country and try to operate transparently, while there are other companies that operate offshore in countries far more lax.FTX operated from the Bahamas and Binance will be moving constantly, for example", I said to news agency Telam, and other media during the celebration of Labitconf in Buenos Aires.
"It would be ideal to be able to operate with local currency in a country you have to clear framework of how to do it.The trade P2P -person to person - of Binance allows that, with a selfie and a photo of the ID is to be able to operate with a limit of $5 million.That happens without real control of the funds," said the CEO of Gravel.
The possibility that a regulation might limit the development of the sector is, however, a fear of the actors in the sector.
"We are at an early stage and very aligned with the ideals; in Argentina there was never up-regulation and self-regulation ended up being one of the best tools to finish the shaping of the market," said Manuel Beuadroit, CEO of Belo .
Therefore, it is proposed that the way that episodes such as FTX not be repeated, "is that you drop all of the weight of the law to the people that commit these types of acts" and "to invest resources in educating the society.""A regulation can be a channel of the river.The question is at what price," he said.
Even so, it was in favor of a "proof of reserves", but said that "there is a sensitive component it is who handles the keys of that", which would lead to possible theft holders that protect such data.
"There is a line to a complex and must take into account where a lot of transparency can have an impact on the company.It is a very fine balance, I have concluded.
Post a Comment